Insurance companies warned to follow rules or lose license

The Insurance Scrutiny Board has threatened to revoke the licenses of private insurance companies if they are found guilty of breaking rules and regulations.

An amount of US$ 46 million needs to be deposited with the Myanmar Economic Bank to establish a private insurance company. 60 percent of the sum is used for company operations and 40 percent is kept for compensation.

“We found out that some companies are using their allowance amount in other fields which is not relevant to insurance business,” Aye Min Thein, the secretary for the board.

He explained that the board called a meeting with company heads and warned them to follow the regulations. If they are found to have engaged in practices unrelated to insurance business the board will revoke that company’s license.

Source: ELEVEN Myanmar

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